Wednesday, 2 July 2014

Another day and another billions of dollars fine for a bank and other news and views for Tuesday 1 July

  • BNP pleads guilty to sanctions violations and faces $8.9bn fine
  • A Grieving Father Pulls a Thread That Unravels BNP’s Illegal Deals – “A bus bombing two decades ago — and a New Jersey father’s quest for justice — inadvertently set off a chain of events that led American prosecutors to accuse some of the world’s biggest banks of transferring money for nations like Iran. On Monday, that crackdown culminated with the guilty plea of BNP Paribas, which admitted to doing billions of dollars in deals with Iran and other countries blacklisted by the United States and agreed to pay a record $8.9 billion penalty to state and federal authorities. The trail that ultimately led to BNP began in 2006, when the Manhattan district attorney’s office came upon a lawsuit filed by the father, who blamed Iran for financing the Gaza bus bombing that killed his 20-year-old daughter. Buried in the court filings, prosecutors found a stunning accusation: a charity that owned a gleaming office tower on Fifth Avenue was actually a “front” for the Iranian government, a claim that the prosecutors ultimately verified.”
1-07-2014 emperorpenguins
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